The estate tax is a tax on the transfer of all of your combined assets upon your death. The gift tax is a tax you may be subject to if you give someone money or property during your lifetime.
Both estate and gift taxes are subject to exemptions which vary depending on current laws and regulations.
Certain deductions may also be applicable. Gifts not exceeding the annual exclusion rate will not be taxed.
You may also take advantage of the lifetime gift tax exclusion, as long as you remember to keep track of the amounts you are giving.
Some gifts are not taxable at all:
- gifts between spouses
- paying tuition on a student’s behalf
- paying someone else’s medical bills
We will work with you to create strategies to minimize your estate and gift taxes. Our expertise spans all aspects of gifting, real estate transfers, trusts, wills, powers of attorney, probate and estate administration.
Let us thoroughly examine the tax consequences of the options available to you. Give us a call or fill out our online contact form to request a consultation.